Oil prices surge as Brent crude hits $83.30 per barrel

Singapore, May 6 (BNA):  Oil futures climbed on Monday.

 

Brent Crude futures gained 34 cents, or 0.4%, to $83.30 a barrel at 05:18 GMT, while U.S. West Texas Intermediate crude futures were at $78.45 a barrel, up 34 cents, or 0.4%.

 

Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut, Reuters reported.

 

In a sign supply may tighten, U.S. energy companies cut the number of oil and natural gas rigs operating for a second week in a row last week.  Oil rigs fell by seven to 499, in the biggest weekly drop since November 2023, Baker Hughes said in a report on Friday.

 

 

H.H